First Horizon (NYSE:FHN) Downgraded to Sell Rating by Wall Street Zen

First Horizon (NYSE:FHN) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

Several other equities analysts have also recently issued reports on the company. Wells Fargo & Company lifted their price target on First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, March 30th. Keefe, Bruyette & Woods lifted their price target on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Zacks Research cut First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. JPMorgan Chase & Co. lowered their price target on First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Finally, Weiss Ratings upgraded First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, April 16th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $26.45.

First Horizon Stock Up 0.1%

Shares of FHN stock opened at $24.26 on Monday. First Horizon has a 1 year low of $19.03 and a 1 year high of $26.56. The stock has a market cap of $11.51 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 0.95 and a beta of 0.62. The business’s fifty day moving average is $23.57 and its 200-day moving average is $23.62. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The company had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. During the same period last year, the firm earned $0.42 EPS. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts expect that First Horizon will post 2.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Arete Wealth Advisors LLC purchased a new position in shares of First Horizon during the first quarter valued at $43,483,000. Cornerstone Wealth LLC TN purchased a new position in shares of First Horizon during the first quarter valued at $438,000. Bank of America Corp DE grew its holdings in shares of First Horizon by 7.9% during the first quarter. Bank of America Corp DE now owns 2,861,404 shares of the financial services provider’s stock valued at $65,126,000 after buying an additional 209,480 shares in the last quarter. Bull Harbor Capital LLC purchased a new position in shares of First Horizon during the first quarter valued at $326,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of First Horizon by 5.5% during the first quarter. EverSource Wealth Advisors LLC now owns 78,364 shares of the financial services provider’s stock valued at $1,784,000 after buying an additional 4,102 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.